Delivering growth. Annual Report 2014

Transcription

1 Delivering growth Annual Report 2014

2 Delivering growth In 2014 we remained focused on strengthening retail basics, building the right team and fine tuning the operational model. This allowed us to reinforce our format value propositions and take advantage of the growth opportunities in the Russian retail market. The strong results we achieved this year demonstrate that we are on track to deliver balanced and sustainable growth % increase in net selling space

3 Strategic report Governance Financial Statements About us X5 is a leading Russian food retailer. Our strategy is to increase our share of the Russian retail market by developing and promoting modern retail principles to become the undisputed, long-term leader of the Russian retail industry. Our core brands Pyaterochka, a chain of conveniently located proximity stores, is one of Russia s leading retail brands. Pyaterochka stores are focused on simple, easy and economical shopping. The brand offers quality fresh products and a non-food assortment supported by attractive promotional events and customer communication. Pyaterochka accounted for 69.0% of X5 s total 2014 net retail sales. Read more on pages Perekrestok is the leading national supermarket chain in Russia and one of the country s leading retail brands. Perekrestok strives to be the customer s first choice for fresh products supported by the right assortment and price strategy. Perekrestok accounted for 18.3% of X5 s total 2014 net retail sales. Read more on pages Karusel is one of the largest hypermarket chains currently operating in the Russian market. It offers customers convenient one-stop shopping at fair prices in city locations with a wide range of quality food and non-food products, efficient service at cash registers, engaging weekly catalogues and a loyalty program. Karusel accounted for 11.0% of X5 s total 2014 net retail sales. Read more on pages Express convenience stores operate under the Perekrestok Express brand and offer convenient shopping and ready-to-eat meals for people in a hurry. Express stores accounted for 1.6% of X5 s total 2014 net retail sales. Read more on pages Net retail sales by format (%) Contents Strategic report About us 01 Chief Executive s strategic review 02 Strong progress this year 04 Delivering growth 06 An attractive marketplace 08 Our business model and strategy 10 Highlights 14 Operational review 16 Executive Committee 18 Our brands 20 Logistics 36 Product safety and production quality 38 Social, corporate and environmental responsibility 40 Risk management 50 Financial review 56 Governance Introduction from our Chairman 60 Corporate Governance report 62 Supervisory and Management Board 68 Report of the Supervisory Board 70 Remuneration report 74 Financial Statements Consolidated Financial Statements Consolidated statement of financial position 80 Consolidated statement of profit and loss 81 Consolidated statement of comprehensive income 82 Consolidated statement of cash flows 83 Consolidated statement of changes in equity 84 Notes to the Consolidated Financial Statements 85 Company Financial Statements Company statement of financial position 122 Company statement of profit and loss 123 Notes to the Company Financial Statements 124 Other information 129 Independent Auditor s report Pyaterochka 69.0% 2. Perekrestok 18.3% 3. Karusel 11.0% 4. Express 1.6% Note: net retail sales include revenue from E5.RU and Ukraine operations which ceased during the year. Annual Report and Accounts 2014 X5 Retail Group 1

4 Chief Executive Officer s strategic review A successful year turnaround on track and delivering growth Stephan DuCharme Chief Executive Officer Dear Fellow Shareholders: Your Company performed well in 2014, delivering good growth in retail sales which increased by 18.6% year-on-year. This was at the upper level of our forecast, driven by record organic expansion of 15.7%, or 349 thousand square meters, and contributing 8.8% to the year-on-year growth. Same store sales were responsible for the remaining 9.8% increase and were the Company s best annual like-for-like sales results in the last five years. All our retail formats contributed to this success. That being said, the strong growth of our proximity format Pyaterochka, which accounts for approximately 70% of X5 s net retail sales, was a key contributor to our 2014 results. In terms of profitability, we were able to maintain margins in line with 2013, delivering EBITDA and net profit margins of 7.2% and 2.0%, respectively. In addition we increased EBITDAR (earnings before interest, taxes, depreciation/amortization and rent) margin by 20 basis points to 11.6%, mainly due to improvements in operating leverage at Pyaterochka. We also improved capital efficiency, increasing the Company s ROIC (before goodwill adjustments) by approximately 100 basis points to 20.1%. Delivering growth Our operational model allows each of the retail formats to respond to the needs of its customers, adjusting and improving value propositions on a continuous basis. It is this combination of focus and speed that has allowed X5 to return to growth. This approach is underpinned by our strong market position and buying terms, the improved relationship with suppliers, our strong and committed management team and the support of our shareholders. The results we achieved at Pyaterochka during the year give us confidence that we have established the right platform for balanced and sustainable growth ahead. I take this opportunity to complement Olga Naumova and her team on their success in transforming Pyaterochka into a strong business and a modern proximity store banner. During the year Pyaterochka built momentum, culminating in a 34% year-on-year increase in December s net retail sales, ahead of all format competitors. The new Pyaterochka model is underpinned by an improved, standardized store concept that hosts a better quality and wider range of products, and better in store processes supported by the cluster management system and opening process. This allowed Pyaterochka to add a record 907 stores in 2014, or approximately 340 thousand square meters; including the tactical acquisition of 116 stores from a former franchisee in Samara. In parallel we have ramped up investments in the store base, completing almost 500 store refurbishments during the year. We also made significant progress with Perekrestok, our supermarket format. Having established its revised value proposition, which included the completion of an initial review of the product range and development of a new brand book, we opened Perekrestok s new concept store in Moscow in October followed by 12 further stores in this concept by year-end. The format will continue to roll out a new range based on high quality fresh products complimented by unique promotions in a comfortable, service based atmosphere to meet customer demand. 2 X5 Retail Group Annual Report and Accounts 2014

5 Strategic report Governance Financial Statements I believe that 2014 was a turning point for X5 in terms of the transformation of our business and that we proved to ourselves, our customers, our business partners and shareholders that we have the ability to get the business growing again. At Karusel, our hypermarket format, we are still in the process of incorporating the results of the various pilot projects into operations and finalizing the Karusel brand book, which will be the blueprint for new store openings. During the year we also created a dedicated commercial division for the format that is conducting a full review of the format s product range, prices and promotions, which is especially important in the current environment. Once the format proposition is ready we will also be reinvesting in the ageing store base to bring new life to the existing portfolio. Trading environment We ended the year with X5 and the Russian consumer facing an increasingly challenging macro environment. The economic sanctions and Russia s response in the form of a ban on certain food imports resulted in the disruption of X5 s existing supply channels. At the time of the ban, the products in question represented approximately 5% of X5 s sales and the establishment of new supply channels resulted in higher food inflation for those products. I am pleased to say that thanks to the hard work of our commercial teams we have found substitutes for the affected products and as the new suppliers adjust to a different demand profile we will see a reduction in the initial inflation spike. The economic sanctions combined with the collapse in global crude oil prices have also resulted in the overall worsening of Russia s economic conditions reflected in strong currency devaluation, higher inflation and increase in borrowing rates. This in turn has put pressure on the consumer in terms of high cost inflation, negative real income growth, significant increase in debt service costs and devaluation of savings. At X5 we consider it an obligation to provide our customers with a reliable supply of high quality products at appropriate prices. In the current trading circumstances this has become more important especially for the more affected segments of the population. To this end, we are creating value for the customer by increasing our promotional offers and developing wider first price ranges. To help those affected most, we have initiated special offers on socially important products for senior citizens in addition to the regular discounts that they already enjoy. As we saw in the fourth quarter, the trading environment had an impact on X5 s traffic distribution, with customers favoring the value offer of proximity stores over those of supermarkets and hypermarkets. However, our multi-format model and newly enhanced value propositions provide consumers with an attractive price/value spectrum that enables us to do well in these circumstances. The right team The team is coming together. As we rolled out our new operating model, the need for additional competencies led us to reinforce the Executive Committee through internal promotions and new expertise. In July, Svetlana Volikova transitioned from General Director of Karusel Hypermarkets to take up a new role with the Company as Director of Corporate Audit and Control. Svetlana was succeeded by Vardan Dashtoyan who has considerable entrepreneurial and client-focused experience, which will assist him as he manages the next phase in Karusel s development. Also in July Sergey Piven, X5 s Chief Financial Officer, informed us that he would be stepping down to pursue other opportunities. In October he was replaced by Elena Milinova. Elena brings a strong background in financial management and senior executive experience at large Russian companies, which she has already applied within X5 as we face the new realities of local and international financial markets. In October, Vladimir Sorokin, who had previously introduced and led category management for Pyaterochka and was part of the development of its rebranding campaign, assumed the role of General Director for Perekrestok, replacing Janusz Lella. Vladimir s promotion highlights the progress we have made in developing internal talent and managing succession planning, and corresponds with the format s new phase of expansion. Looking ahead Whilst 2015 presents us with certain economic challenges, we also see many opportunities for X5 to grow market share. Our formats are continuing to improve their customer propositions and operational standards, and we have built up our capability to open more stores than we have in the past. We expect the current economic climate to accelerate the shift from traditional retail to modern retail as more new site opportunities become available and weaker retailers exit the industry. Our plans call for further acceleration of growth, balanced across the organization, and include organic store growth, and investments in store refurbishments, logistics and IT infrastructure to support sustainable long-term growth. Our investments will be sound both from a customer and a financial perspective. These results can only be delivered through the daily hard work of our 117,000-plus employees. We genuinely believe there is no more important asset at X5 than our people and we are committed to building a corporate environment and culture focused on supporting employee engagement throughout the organization. I would like to thank the employees of X5 as well as our customers, suppliers, shareholders and the Supervisory Board for the support we received during the year. Annual Report and Accounts 2014 X5 Retail Group 3

7 Strategic report Governance Financial Statements Building a platform for sustainable growth Store expansion dynamics (number of stores) 31.9% Five-year CAGR 5,483 2,469 3,002 3,802 4, In 2014 X5 delivered record organic growth, increasing the number of stores by 21% and adding almost 350,000 square meters of selling space. X5 opened its 5,000th store during the year as well as the 500th Pyaterochka and 200th Perekrestok in our core Moscow stronghold Pyaterochka drove the increase in new stores and selling space, which increased by 23% and 24% respectively year-on-year in 2014 Total revenue (RUB mln) 18.0% Five-year CAGR 633, , , , , Revenue growth in 2014 was driven by selling space expansion and like-for-like store sales, which accounted for 8.8% and 9.8%, respectively, of the total 18.6% growth in Fastest top-line growth in more than five years Improving sales densities Customer visits (mln) 16.3% Five-year CAGR 2,114 1,218 1,639 1,793 1, X5 recorded more than 2 billion customer visits in 2014 representing a 10% increase over the prior year. Approximately 1% came from increased customer visits from like-for-like stores. Customer focused value propositions support traffic and customer visits Pyaterochka increased like-for-like traffic by ~2% Employees 11.4% Five-year CAGR 117,400 75, , , , X5 s employees are our most important asset and we are focused on improving service and productivity through improvements in training and motivation. Revenue per average employee increased by 10% 2014 out-staffing decreased by 3ppt to 17% Logistics Completed rollout of JDA Software in distribution centers (except for fresh) Continued with separation of distribution centers (DCs) between formats Standalone transportation department driving cost optimization We made significant progress with the separation of distribution centers between Pyaterochka and Perekrestok/Karusel and are in a position to complete this in Providing dedicated logistics platforms has already demonstrated improvements to service levels. 6 ppt improvement in Pyaterochka service levels in the Central region 13% increase in DC space in 2014 compared to 2013 Management and corporate governance The right people for the right results Succession planning and development of internal talent Focus on development of corporate culture Planned Supervisory Board additions will improve independence Focused on matching the right experience with the current phase of the format s transformation while at the same time building and utilizing the depth and experience resident in the organization to promote from within. Annual Report and Accounts 2014 X5 Retail Group 5

8 Chief Executive Officer s strategic review continued Delivering on targets and creating opportunities Brand differentiation: strong brands, clear value propositions, popular formats, improved execution, results Metric 2014 guidance 2014 results Net retail sales growth, % 17.0%-19.0% 18.6% EBITDA margin, % 7.2%-7.5% 7.2% CAPEX, RUB billion ~ Selling space growth, % 15.0%+ 15.7% Net debt/ebitda, x < 3.00x 2.30x Interest coverage ratio, x > 2.75x 3.76 Topline turnaround What we said The turnaround at X5 has been focused on the topline through a renewed focus on the customer via improved value propositions including assortment and in-store experience. What we did We delivered 2014 revenue at the top of our target range primarily due to the improvements associated with the launch of the New Pyaterochka rebranding program, which featured a new and expanded assortment, a new store and refurbishment brand book as well as our progress on back to basics initiatives. Read more on pages Product range development What we said In order to deliver on our formats value propositions we needed to create dedicated commercial departments based on category management principles, which allows us to deliver the products that our customers desire. What we did Comprehensive category reviews for each format resulting in expansion and rotation of the product range, improved promotional offers, better relationships with suppliers, and reinforcing the strategic positioning of the formats in the eye of the customer. Read more on pages X5 Retail Group Annual Report and Accounts 2014

9 Strategic report Governance Financial Statements Our progress with back to basics initiatives and operational improvements allowed X5 to deliver on 2014 targets and positioned us to take further advantage of the favorable growth dynamics in the Russian retail market. The distinct brand positioning in our multi-format model presents customers with a wide range of options across the price/value spectrum and provides X5 more opportunities to capture a greater share of the customer wallet. Increase selling space What we said In order to reach our strategic targets for balanced growth we need to increase store openings and selling space additions across our formats, primarily through organic growth, but also through opportunistic and, tactical M&A opportunities. What we did In 2014 we delivered almost 350,000 square meters of selling space or a 15.7% increase over selling space as at 31 December This was primarily organic growth from Pyaterochka, which included the tactical acquisition of 116 stores in the Samara region. We also developed strong opening pipelines at Perekrestok and Karusel. Read more on pages Focus on cost control What we said We continue to focus on controlling costs and driving efficiencies throughout our operations in order to provide better value for our customers and improve shareholder returns. What we did In 2014 we delivered EBITDA in line with our target, primarily due to the optimization of operating costs and improvements in operating leverage. Read more on pages Disciplined capital management What we said We plan to finance our capital investment program primarily through internally generated cash flows, improve our returns on investment and maintain a net debt to EBITDA ratio below 3.0x. What we did During the year we improved the efficiency of store openings and refurbishments, primarily at Pyaterochka, which resulted in CAPEX coming in at our target level and improvements to our return on investment. We also financed the program mainly through our operating cash flow keeping net debt to EBITDA at 2.3x, well below our target. Read more on pages Annual Report and Accounts 2014 X5 Retail Group 7

19 Strategic report Governance Financial Statements +10% increase in employee productivity >2bln customer visits in 2014 X5 overview X5 is Russia s second largest food retailer one of the most exciting consumer markets in the world. We operate four brands in distinct market segments, with unique value propositions that appeal to a wide range of shoppers and budgets. The Company is in the final stage of a multi-year transformation strategy to position the business for sustainable long-term market leadership and financial success. Total revenue in 2014 reached RUB billion (USD 16.5 billion), an 18.6% increase in RUB terms compared to The increase comprised an 8.8% increase in sales from new stores driven primarily by the 15.7% increase in net selling space in 2014 and a 9.8% increase in like-for-like sales driven primarily by improvements in basket. We operate the following retail chains in Russia: a chain of proximity stores under the Pyaterochka brand, a supermarket chain under the Perekrestok brand, a hypermarket chain under the Karusel brand and Express convenience stores primarily under the Perekrestok Express brand. At the end of 2014, X5 ceased operations at its E5.RU online retail channel to focus on the core food retail business. X5 was established on 18 May 2006 from the merger between the Pyaterochka and Perekrestok retail chains. In June 2008, X5 acquired Karusel, enabling us to substantially strengthen our position in the hypermarket segment and become a truly multi-format retail chain. X5 continued to consolidate the Russian retail market by completing two milestone transactions in 2009 and 2010 with the acquisition of the Paterson supermarket and Kopeyka discounter retail chains, respectively. Over the past three years we have been focused on a largescale reorganization of our operations aimed at providing more autonomy to the brands and reinforcing the multi-format strategy. As part of our decentralized approach to managing the business we are adopting a new operational model that separated the commercial activities between formats and established a category management approach to developing format assortments. Under the new model we also began the process of separating the centralized logistics activities into two dedicated functions to reinforce individual brand strategies and provide focus on different brand value propositions. We also created a stand-alone transportation division to improve service and drive cost optimization. Please see pages of this Annual Report for more information. Our multi-format structure provides us with a unique opportunity to capitalize on the growing food retail market in Russia and in particular the ongoing penetration of modern retail in the fragmented Russian food retail market. The ratio of modern retail to traditional retail in Russia is significantly lower than that of more developed markets and with the top five food retailers accounting for less than 20% of total retail food sales there are tremendous opportunities for growth and consolidation. The distinctive value proposition of each brand enables us to offer customers products they want at the most attractive prices. Our stores provide customers with multiple opportunities to purchase quality products in convenient locations, and allow X5 to capture a greater share of the consumer s wallet. They took advantage of this more than 2.1 billion times as we recorded a 10.2% increase in customer visits in 2014 compared to X5 has a wide geographical coverage and as at 31 December 2014 we had 5,483 Company-operated stores, 939 of which were added during the year, increasing net selling space by 349 thousand square meters to 2,572 thousand square meters. We have the leading market position in Moscow and St. Petersburg, a significant presence in European Russia and the Urals, and also operate stores in Western Siberia. Our store base includes 4,789 Pyaterochka proximity stores, 403 Perekrestok supermarkets, 82 Karusel hypermarkets and 209 Express convenience stores. Our growth in 2014 was primarily the result of organic expansion, which resulted in the addition of almost 350 thousand square meters or a 15.7% increase in total net selling space at the end of the year. X5 s total capital expenditures for 2014 amounted to RUB 34.4 billion (USD million) of which the majority went to increasing and improving the store base while the remainder was spent on logistics, IT and strategic projects. In order to support our national scale and rapid expansion, we have developed a robust supply chain to source and deliver products to the stores. X5 is one of the major buyers for many domestic and international food producers, enabling us to negotiate favorable terms from suppliers so that the consumer pays less in our stores. To ensure that products are efficiently transported to our shelves, we have developed a logistics infrastructure comprising 34 distribution centers, or 691 thousand square meters, which utilize modern technologies to provide efficient delivery of products to store shelves. In 2014, the Company s centralization level remained flat year-on-year at approximately 78%. X5 s employees are the Company s most valuable resource. In parallel with our rapid growth we have also invested in improving the quality of our workforce at both management and store levels. During 2014 there have been a number of changes to the Executive Committee as well as at store management level, to build on the work that has been completed thus far in the turnaround and drive the strategy forward. Our extensive and diverse store base, wide geographical coverage, developed logistics and robust IT systems provide a strong platform for the further development and sustainable growth of our business. Annual Report and Accounts 2014 X5 Retail Group 17

20 Operational review Executive Committee The right team commitment, experience and expertise Stephan DuCharme X5 Chief Executive Officer Chairman of the Management Board and the Executive Committee Year of birth: 1964 Stephan has served on X5 s Supervisory Board from 2008 to Previously he held positions with SUN Group, Alfa Group, the European Bank for Reconstruction and Development (EBRD) and Salomon Brothers Inc. Stephan has served on the Boards of Directors of CSA Czech Airlines, Alfa Bank, Sun Interbrew and JSC SUEK. He graduated with distinction from the University of California at Berkeley and received his MBA from INSEAD. 02 Elena Milinova X5 Chief Financial Officer Year of birth: 1976 Elena has approximately 14 years of experience in financial management with leading Russian industrial companies as well as international professional services networks. Most recently, she served as CFO, Deputy CEO and Management Board Member for KAMAZ, a Russian public automotive manufacturing company, from 2011 to From 2009 to 2011 and 2007 to 2009 respectively she served as Government Relations Director and Corporate Finance Director for KAMAZ. Prior to that, she held the positions of CFO of Russian oil and gas company Geotransgaz as well as Head of Reporting and Investor Relations with Sollers ST, a leading Russian automotive manufacturing company. Elena started her professional career with PricewaterhouseCoopers in Russia. 03 Olga Naumova General Director of Pyaterochka Year of birth: 1972 Olga has over 20 years of managerial experience at senior executive level with leading Russian and international companies, including Rimera, Severstal and IBS. During this time she has effectively managed large teams in both Russian and international environments and has a track record of success in business integration and restructuring. 04 Vladimir Sorokin General Director of Perekrestok Year of birth: 1971 Vladimir joined X5 as deputy purchasing director, in June 2013 he became the director of category management for Pyaterochka and later was appointed General Director of Perekrestok. Vladimir has approximately 20 years of experience in the retail, FMCG and insurance industries and has held senior management positions at Alfa Insurance, Sun Interbrew and Gillette, where he has successfully led both strategy development and business transformation projects. 05 Vardan Dashtoyan General Director of Karusel Year of birth: 1971 Vardan has approximately 18 years of combined operational, managerial and entrepreneurial experience in retail, fast moving consumer goods and food manufacturing. During this time, he has served as CEO for Rolf Retail, one of the largest car dealers in Russia, as well as Business Development Manager for Danone Russia and Key Account Manager for Heinz Russia. Most recently he co-owned a successful confectionery manufacturing company in Moscow. 06 Anton Mironenkov Business Development Director Year of birth: 1976 Anton joined X5 as Deputy Director of the M&A Department in September In March 2011, he was appointed Director for M&A and Business Development and subsequently has held the positions of Director for Strategy and Business Development, and General Director of the Express convenience store format. From 2005 to 2006, Anton managed various projects in Alfa Group including the merger of Pyaterochka and Perekrestok. He began his business career in 2000 as an auditor at PricewaterhouseCoopers, and subsequently spent four years as an investment banker at Troika Dialog before becoming Vice President at Troika Dialog Asset Management in X5 Retail Group Annual Report and Accounts 2014

2013FIRSTHALFRESULTS JERÓNIMO MARTINS Strategic Overview Disclaimer Statements in this presentation that are forward-looking statements are based on current expectations of future events and are subject

Minutes of the Annual General Meeting of Shareholders (the "AGM") of X5 Retail Group N.V. (hereinafter: the "Company") held on 29 April 2013 at Parkstraat 20, 2514 JK The Hague, The Netherlands 1. Opening

Q3 2013 results Q3 2013 results November 7, 2013 Forward looking statements This presentation includes forward-looking statements within the meaning of the U.S. federal securities laws that are subject

Herman Miller, Inc. Third Quarter Fiscal 2015 Investor Conference Call March 19, 2015 The following document is a replication of the notes used in Herman Miller, Inc. s Third Quarter Fiscal 2015 conference

Analyst Meeting Analyst Meeting March 13, 2014 Forward looking statements This presentation includes forward-looking statements within the meaning of the U.S. federal securities laws that are subject to

ANALYST MEETING 2015 Fourth quarter and full year 2014 results February 26, 2015 Cautionary notice These presentations includes forward-looking statements, which do not refer to historical facts but refer

O KEY Group S.A. Annual Report 2013 O KEY aims to improve customer lifestyles by offering an outstanding shopping experience and making a broad assortment of high quality products more accessible across

WE ARE SHOWROOMPRIVE.com FY2015 RESULTS February, 16 th 2016 I BUSINESS UPDATE AND 2015 RESULTS HIGHLIGHTS 2015: A YEAR FULL OF ACHIEVEMENTS A STRONG AND PROFITABLE GROWTH 443m net sales and 24m EBITDA

Third quarter 2014 results Group highlights Q3 2014 Business and strategic highlights Improved sales trends in the United States and the Netherlands Underlying operating margin excluding SPAR acquisition

2016 Interim Results Presentation 24 November 2015 Disclaimer This presentation includes statements that are, or may be deemed to be, forward-looking statements. These forward-looking statements can be

Herman Miller, Inc. First Quarter Fiscal 2015 Investor Conference Call September 18, 2014 The following document is a replication of the notes used in Herman Miller, Inc. s First Quarter Fiscal 2015 conference

Ontex Q3 2015: Trading in line with Company expectations and full year outlook reiterated Aalst-Erembodegem, November 5, 2015 - Ontex Group NV (Euronext Brussels: ONTEX; Ontex, the Group or the Company

Management s Discussion and Analysis Personal and Commercial Client Group Canada Robert W. Pearce President and Chief Executive Officer, Personal and Commercial Client Group Canada Group Description Personal

Annual General Meeting 2008/09 Disclaimer The following presentation ti is being made only to, and is only directed d at, persons to whom such presentation may lawfully be communicated ( relevant persons

Volume 8, Issue 4, October 2015 STATS WINDOW The Pacific Business Review International has taken an initiative to start a section which will provide a snapshot of major Global & Indian economic indicators

WARSAW, Poland May 15, Central European Distribution Corporation (CEDC) today announced its results of operations for the period ended. Executive Summary In the first quarter the Company continued to focus

Q and H1 014 FINANCIAL RESULTS 9 August 014 Forward Looking Statements This Presentation may include forward-looking statements. Forward-looking statements are statements regarding or based upon our management

Migros Ticaret A.Ş. Tesco Kipa Acquisition Roadmap June 06 Disclaimer Statement Migros Ticaret A.Ş. (the Company ) has prepared this presentation for the sole purpose of providing information about its

Interim report O2 Czech Republic January to September 2014 Financial Results November 12, 2014 O2 Czech Republic a. s. announces its unaudited financial results for January to September 2014. These results

Q1-16 EUROPRIS ASA 2 CONTENTS / HIGHLIGHTS FIRST QUARTER 2016 HIGHLIGHTS FIRST QUARTER 2016 (Figures for the corresponding period of last year in brackets. The figures are unaudited.) Group revenues increased

Making Sainsbury s Great Again 19 October 2004 Philip Hampton Chairman Justin King Chief Executive Making Sainsbury s great again What we have found New and experienced management team Restoring universal

EXCELLENT Q3 2015 SALES: CONTINUED MOMENTUM Organic sales up +4.2% in Q3 and +3.4% for the first nine months of 2015 2015 third quarter sales: 21.5bn, +4.1% ex petrol and +4.2% on an organic basis o France:

Full-year results 2014 December 02, 2014 Disclaimer Stabilus S.A. (the Company, later Stabilus ) has prepared this presentation solely for your information. It should not be treated as giving investment

1 Formal script: Call to order, introductions, matters for vote. 2 Before I get started, you should know that the presentation you are about to hear contains forward looking statements. As you should read

Herman Miller, Inc. First Quarter Fiscal 2016 Investor Conference Call September 17, 2015 The following document is a replication of the notes used in Herman Miller, Inc. s First Quarter Fiscal 2016 conference

The Global E-Commerce Gold Rush How Retailers Can Find Riches Overseas By Joanne Bethlahmy, Bharat Popat, and Paul Schottmiller E-commerce is going global as retailers from around the world take advantage

China s 12th Five-Year Plan: Healthcare sector May 2011 KPMG CHINA One of the guiding principles of the 12th Five-Year Plan (5YP) is inclusive growth : helping ensure that the benefits of the country s

Integra Group Reports Unaudited Financial and Operating Highlights for the MOSCOW, December 19, Integra Group (LSE: INTE), a leading Russian oilfield service provider, released today its preliminary unaudited

Unaudited results for the first quarter ended 31 October 2010 Sportingbet Plc, a leading online sports betting and gaming group, announces its results for the quarter ended 31 October 2010. Key Highlights

14.18 Order intake surged 25% to 9.1 billion euros Sales came in at 6.3 billion euros, up 10% like for like (7% as reported) Operating margin (1) up 15% to 442 million euros, or 7.0% of sales Net income

2014 RESULTS Paris, March 12, 2015 16 million subscribers (landline and mobile) Mobile business: 15% market share just three years after launch Revenues of 4.2 billion, topping the 4 billion mark for the

Ralph Lauren Shelby Gray Group #2 BUS 440.02 11:30 0 COMPANY OVERVIEW Polo Ralph Lauren is a company specializing in the production of lifestyle products. Ralph Lauren began forty years ago with simply

BNP Paribas Private Banking Olivier Cœnon Head of Development & Partnerships BNP Paribas Private Banking May 2007 1 Disclaimer This presentation includes forward-looking statements based on current beliefs

www.pwc.com.br The Healthcare market in Brazil Brazilian Healthcare market: one of the most promising and attractive in the world Context Fifth largest country in area and population, with 8.51 million

SOLUTION OVERVIEW SAS MERCHANDISE INTELLIGENCE Make the right decisions through every stage of the merchandise life cycle Deliver profitable returns and rewarding customer experiences Challenges Critical